Algorithms in place could reasonably impose extra checks on large withdrawals from new accounts.
What's more, I could speculate that Goldman Sachs' limited experience with mainstream retail banking could lead to delays of this sort, where they lack a statistical universe to identify exceptional usage (transactions large percentage of balance) as legitimate.
FWIW, I have a tiny amount of money in an Apple Savings account; I have deposited funds and withdrawn a bit exactly one time each. No unusual delay, but it's not exactly an account I intend to use like checking.
[0] https://forums.macrumors.com/threads/apple-savings-users-com...
Same rates as far as I can see.
I get why someone opens an Apple account as it’s easy and linked to their phone. But it seems kind of dumb to seek out Marcus and go through all that work to miss out on 50 basis points.
It’s not a lot of money, but for a $1000, that’s $5/year. It’s the tip for a coffee.
[0] https://www.bankrate.com/banking/savings/best-high-yield-int...
This is funny because it reminds me of other Apple Services.
A very slow and steady rug pull which the yields will gradually drop.
CIT is offering 4.8% APY with $5,000 minimum balance. SoFi is offering 4.2%, zero minimum, $250 bonus for direct deposit.
4.15% wasn't even that great when it was announced, people simply haven't paid attention as interest rates have risen.
But if you’re opening an account online specifically for savings, why choose one that isn’t the best.
Also, for comparison the vanguard money market fund is paying 5% right now, and Bask pays 4.75% on a $0 minimum balance, so there’s no reason to open this account and put $10K into it unless you really love Apple, or for some reason are blocked from opening accounts with higher yielding banks.
I'm not making a value judgement on Apple Savings, I'm refuting the idea that Apple Savings must be some sort of a scam designed to draw in lemmings with a high interest rate and rug them by delaying/refusing to return their money.
